Courtesy of the C-Ville blog citing a newsletter from the Charlottesville Area Association of Realtors -
All those home builders banking on selling houses to new National Ground Intelligence Center (NGIC) employees may be in for a rude awakening. An estimate from the Charlottesville Area Association of Realtors (CAAR) is that only 30 to 40 percent of employees will relocate, the rest not wishing to unsettle spouses and children.
Since NGIC’s expansion was announced several years ago, projects like North Pointe and Hollymead have gotten underway with some expectation of capitalizing on the people
…
“There will be an effect on the local real estate market, but probably NOT 900 new home owners,” said the newsletter. “Many expressed an interest in renting in the Charlottesville area and continuing to maintain their home in northern Virginia.”
D’oh.
Some of those relocating here may not have a choice regarding not selling their homes – many in NoVa have lost so much equity that they cannot afford to sell.
With that preface -
Relocation map – NGIC is in the 29 North region
Posts of enduring interest for buyers
This is where I point prospective buyers/renters – the rental market is far more fragmented with the “for sale” market -
While I make my living representing buyers and seller clients, often it is in their best interest to rent for at least six months to get a feel of the area, a lay-of-the-land, if you will. By giving honest rather than self-serving (buy now!!) advice, I hope and expect that they will reward my candor with loyalty, even if only to refer a friend or family member to me if they themselves don’t purchase.
More on NGIC coming next week …
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{ 2 comments… read them below or add one }
Without worrying about long-term plans to stay in the area, dollar for dollar, can one get more house and/or a better location by renting instead of buying?
TC -
Thank you sincerely for the comment. I will respond later this week.